1. A list of balances of all the accounts in ledger is called...............*

• Balance Sheet
• P & L A/c
• Trading A/c
• Trial Balance

2. Opening stock is entered in trading account on............. side.*

• Credit
• Debit
• Asset
• Liabilities

3. Drawing account is closed by transferring the balance to the .......................... account.*

• Drawings
• Liabilities
• Assets
• Capital

4. External Liabilities plus capital is equal to ..............................*

• Net work
• Assets
• Net Profit
• Gross Profit

5. Outstanding expenses is ......................... account.*

• Real
• Personal
• Nominal
• None of the above

6. Depreciation is always charged on .......................... assets.*

• Current
• Fixed
• Intangible
• Fictitious

7. Pre-received income is shown on ..................... side of balance sheet.*

• Asset
• Liabilities
• Credit
• Debit

8. Interest on Investment is .......................... of business concern.*

• a profit
• a loss
• an expense
• an income

9. All items of income are shown on the credit side of the ................................. account.*

• Balance sheet
• P & L A/c
• Manufacturing
• None of them

10. Balance sheet is statement and not an account.*

• True
• False